topic Re: &quot;&quot;FICO 8&quot; vs &quot;FICO 5-4-2 Mortgage&quot; Scores in Understanding FICO® Scoringhttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571873#M153855
<BLOCKQUOTE><HR /><LI-USER login="genemat712" uid="1064539"></LI-USER>&nbsp;wrote:<BR /><P>The entire Credit reporting industry is a scam. They want you to pay a monthly subscription fee for Scores&nbsp; that are totally usless.&nbsp;</P><P>I have been told many times by the 3 major companies, Equifax, TransUnion and Eperian that the scores given to you are just a guide and that the lender creats the score by using their own formula. If they keep the scores low then you pay higher interest. Industry wins !</P><P>If you take the info you get as gospel you feel confident you're getting an acurate report. You go apply for a credit card, or auto loan only to be turned down because the lender says your scores do not meet their requirements. You get screwed again because you now have another inquiry on your report and bang your score goes down ! Had you known your true lenders score you may have decided to not even apply, but you did! Too bad ! And they WIN !</P><P>&nbsp; &nbsp; &nbsp; &nbsp; We all know that the rich don't need credit but they use it for various financial reasons, but the low income guy,&nbsp; the middle income guy, the regular shmoe gets raked over the coals paying 30% and more on your credit cards. I don't really know this but I wouldn't be shocked if the Credit Reporting Agencies are getting a kick back from the lenders,(only speculation mind you!).</P><P>&nbsp; &nbsp; &nbsp; &nbsp; Changing federal banking laws can make this fair but the bankers and credit card companies and reporting agencies are making too much money to ever let this happen.&nbsp;</P><P>&nbsp; &nbsp; &nbsp; &nbsp; If all this tweeks you then google class action law suits against Credit Reporting Agencies ! This could surprise you. I am an independent law biding regular Joe just like most of you . I am <SPAN>also</SPAN> a participent in a class action law suite being brought against these firms. You may want to check it out yourselves. Thanks for your ear ! &nbsp;</P><HR /></BLOCKQUOTE><P>Wow how do I even respond to this...lets start with you saying you have been told this by the 3 major CRA's. The CRA's are companies with many employees, the fact that someone at one of these companies told you this means little. The CRA does not speak. On the 30% and more comment. If you do not carry a balance the interest rate is 0%, and you still get rewards on a lot of the cards. If you are paying high interest it is because you are, or have, spent money you did not have. Not being rich does not cause someone to spend more than they make or be irresponsible with credit. As far as CRA's getting kick backs, the lenders straight up pay for those scores. Credit scores were developed to assign a risk of default or serious delinquincy on debt, and sell that to lenders. It was not created to give consumers the score. Good luck in your endeavor.</P>Thu, 11 Apr 2019 01:47:01 GMTsarge122019-04-11T01:47:01Z""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5379880#M145347
<P>I have been a myfico.com subscriber for over a year and have purchased the 3B report 1-4 times a month in preparation for a home re-fi I am just beginning to initiate.</P><P>&nbsp;</P><P>My recent FICO scores represented very strange behavior over the past 2 weeks, and I'd love some input into how this situation could possilbly happen:</P><P>&nbsp;</P><P>(1)&nbsp; Per my September 27, 2018 3B report, my 3 FICO 8 scores were 772-771-776.&nbsp; My FICO 5-4-2 scores (i.e. mortgage scores) were 729-739-755.</P><P>(2) Between September 27 and October 7, I received 24 "alerts" from myfico.com - and all 24 represented a decrease in balances owed on various accounts as payments were reveived by various creditors.</P><P>(3)&nbsp; Per my October 7, 3B report, my FICO 8 scores were 772-771-783 - so the only change in FICO 8 scores was that the Experian FICO 8 score increased by 7 points.&nbsp; That being said, on the same report, my FICO 5-4-2 scores were 732-755-719.</P><P>It is reasonable to think that, based on the alerts I received between September 27 and October 7, all of my FICO scores would increase.&nbsp; And all of the scores did increase EXCET the Experian FICO 2 score which dropped from 755 to 719.&nbsp; That is a huge drop.&nbsp; How is that possible?</P><P>&nbsp;</P><P>I spoke with several myfico.com customer service reps on the phone, but they didn't even seem to understand the question let alone try to give a plausbile answer.&nbsp; They just told me that "scoring was too complicated for me to understand" and that "if I wanted my score to increase then I should make more payments towards my debts".&nbsp;&nbsp;</P><P>&nbsp;</P><P>Is there anyone who reads these forums that might offer some insight into this issue?&nbsp; There are no negatibe items on my credit report.&nbsp; There are 91 accounts listed.&nbsp; I looked at all 91 accounts on the Experian September 27 and October 7 3B report dates..&nbsp; The ONLY differences were a handful off acounts for which payments had been received so the balances owed had decreased and the % usage of credit limit had decreased.</P><P>&nbsp;</P><P>It seems to defy reason, logic, and math that my Experian FICO Score 2 could have dropped 36 points based on the above.</P><P>&nbsp;</P><P>Any help would be greatly appreciated.</P><P>&nbsp;</P><P>Thank you in advanec.</P>Thu, 11 Oct 2018 01:24:15 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5379880#M145347Cruzzer12018-10-11T01:24:15ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380057#M145354
<P>Was your EX FICO 8 score and FICO 2 score generated at the same exact time on the 27th and 7th?&nbsp; What I mean is was the bureau data used for both scores identical?&nbsp;</P><P>&nbsp;</P><P>If so, I'd be confused too as to how you'd arrive at +7 on FICO 8 while being -36 on FICO 2.</P><P>&nbsp;</P><P>With 91 accounts, you definitely have a lot going on.&nbsp; Your FICO 2 score is more sensitive to number of accounts with balances reported.&nbsp; If you had quite a few more accounts with balances reported on your second pull, I could see FICO 2 dropping... but at the same time I'd expect to see FICO 8 drop as well, just not as much.&nbsp; I'm looking forward to other responses from our members here on this one.</P>Thu, 11 Oct 2018 03:35:56 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380057#M145354BrutalBodyShots2018-10-11T03:35:56ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380178#M145359
<P>If our OP has some open charge cards that might be the culprit.&nbsp; The balances on charge cards are ignored in FICO 8 but can have a heavy impact on FICO EX 2.&nbsp; Or if a tiny collection appeared -- FICO 8 would ignore that but it could have a huge impact on EX 2.</P><P>&nbsp;</P><P>The biggest problem was identified by BBS, namely the presence of 91 accounts.&nbsp; When a report has that many accounts it is very hard to perfectly detect every change or issue that might be going on.&nbsp; It's like this.&nbsp; If I give you half a dozen 4-digit numbers to add by hand, you can probably get the right answer if you do it carefully.&nbsp; If I give you 91 of these numbers, however, it's very likely that you will make a mistake in your addition.&nbsp; That may be the reason that the CSRs were throwing in the towel.</P>Thu, 11 Oct 2018 05:39:14 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380178#M145359CreditGuyInDixie2018-10-11T05:39:14ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380211#M145360
<BLOCKQUOTE><HR /><LI-USER uid="1044470"></LI-USER>&nbsp;wrote:<BR /><P>I have been a myfico.com subscriber for over a year and have purchased the 3B report 1-4 times a month in preparation for a home re-fi I am just beginning to initiate.</P><P>&nbsp;</P><P>My recent FICO scores represented very strange behavior over the past 2 weeks, and I'd love some input into how this situation could possilbly happen:</P><P>&nbsp;</P><P>(1)&nbsp; Per my September 27, 2018 3B report, my 3 FICO 8 scores were 772-771-776.&nbsp; My FICO 5-4-2 scores (i.e. mortgage scores) were 729-739-755.</P><P>(2) Between September 27 and October 7, I received 24 "alerts" from myfico.com - and all 24 represented a decrease in balances owed on various accounts as payments were reveived by various creditors.</P><P>(3)&nbsp; Per my October 7, 3B report, my FICO 8 scores were 772-771-783 - so the only change in FICO 8 scores was that the Experian FICO 8 score increased by 7 points.&nbsp; That being said, on the same report, my FICO 5-4-2 scores were 732-755-719.</P><P>It is reasonable to think that, based on the alerts I received between September 27 and October 7, all of my FICO scores would increase.&nbsp; And all of the scores did increase EXCET the Experian FICO 2 score which dropped from 755 to 719.&nbsp; That is a huge drop.&nbsp; How is that possible?</P><P>&nbsp;</P><P>I spoke with several myfico.com customer service reps on the phone, but they didn't even seem to understand the question let alone try to give a plausbile answer.&nbsp; They just told me that "scoring was too complicated for me to understand" and that "if I wanted my score to increase then I should make more payments towards my debts".&nbsp;&nbsp;</P><P>&nbsp;</P><P>Is there anyone who reads these forums that might offer some insight into this issue?&nbsp; There are no negatibe items on my credit report.&nbsp; There are 91 accounts listed.&nbsp; I looked at all 91 accounts on the Experian September 27 and October 7 3B report dates..&nbsp; The ONLY differences were a handful off acounts for which payments had been received so the balances owed had decreased and the % usage of credit limit had decreased.</P><P>&nbsp;</P><P>It seems to defy reason, logic, and math that my Experian FICO Score 2 could have dropped 36 points based on the above.</P><P>&nbsp;</P><P>Any help would be greatly appreciated.</P><P>&nbsp;</P><P>Thank you in advanec.</P><HR /></BLOCKQUOTE><P>Without seeing the two reports side by side it's difficult to evaluate, but some possibilities are:</P><P>1. An old closed account aging off.</P><P>2. An increase in number of accounts reporting a balance.</P><P>&nbsp;</P><P>@A technique I learned from <LI-USER uid="534281"></LI-USER> would be to compare the negative reason codes from the two FICO 2 score reports and see if there's a change in those, which sometimes offers a clue.</P>Thu, 11 Oct 2018 11:00:49 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380211#M145360SouthJamaica2018-10-11T11:00:49ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380352#M145366
<P>Here's another example of the subtle differences between the two models, differences that could easily result in score differences.</P><P>&nbsp;</P><P>Fred has ten credit cards.&nbsp; Seven have a zero balance.&nbsp; Of the other three, two have a credit limit of 35k and the last card has a CL of 20k.&nbsp;</P><P>&nbsp;</P><P>Between the two moments in time, Fred pays off the card with the lower CL and pays down the balances on the other two.</P><P>&nbsp;</P><P>FICO 2 will see that as all cards at zero, since the model ignores the balances of all cards with a CL of <U>&gt;</U> 35k.&nbsp; And therefore will impose a penalty.&nbsp; FICO 8 will see that as a score improvement, since it will count the balances of all three cards.</P><P>&nbsp;</P><P>My point is not that this did happen, but it is an example of the weird things that <EM><STRONG>could</STRONG></EM> be going on, stuff that would be very easy to miss.</P>Thu, 11 Oct 2018 14:50:17 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380352#M145366CreditGuyInDixie2018-10-11T14:50:17ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380394#M145367
<BLOCKQUOTE><HR /><LI-USER uid="875377"></LI-USER>&nbsp;wrote:<BR /><BLOCKQUOTE><HR /></BLOCKQUOTE><P>@A technique I learned from <LI-USER uid="534281"></LI-USER> would be to compare the negative reason codes from the two FICO 2 score reports and see if there's a change in those, which sometimes offers a clue.</P><HR /></BLOCKQUOTE><P>Heh was going to suggest the very thing.</P><P>&nbsp;</P><P>Post the reason codes for EX FICO 2 for the two reports (with respective dates), that large of a change quite likely some detail will be found there.</P>Thu, 11 Oct 2018 15:43:47 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380394#M145367Revelate2018-10-11T15:43:47ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380530#M145368
<P>Thank you all for your insightful replies.</P><P>Let me provide some more data here:</P><P>&nbsp;</P><P>Of the 91 accounts on my credit report, only 37 are open - these are identical between the Sept. 28 and the Oct. 7 reports.&nbsp; Should any of the 54 closed accounts affect the FICO 2 score?&nbsp; &nbsp;There are zero late payments ever, either in the open or the closed accounts.</P><P>&nbsp;</P><P>When laying all 195 pages of each credit report side-by-side, here are the differences between Sept. 28 and Oct. 7:</P><P>&nbsp;</P><P>(2)&nbsp; The "Oldest Account Open" changed from "27Yr5Mo" to "27Yr6Mo".</P><P>&nbsp;</P><P>(3)&nbsp; The "Average Age of Your Accounts" changed from "11Yr4Mo" to "11Yr5Mo"</P><P>&nbsp;</P><P>(4)&nbsp; The "Percentage of Princial you have paid down on your open non-mortgage installment loans" changed from "55%" to "54%"</P><P>&nbsp;</P><P>(5)&nbsp; The "Total owed on revolving and/or open-ended accounts" changed from $67,133 to $65,087</P><P>&nbsp;</P><P>(6)&nbsp;&nbsp;<SPAN>The "Total balance on revolving and/or open-ended accounts" changed from $67,133 to $65,087</SPAN></P><P>&nbsp;</P><P><SPAN>(7)&nbsp; The "Age of most recenlty opened account" changed from "1Yr5Mo" to "1Yr6Mo"</SPAN></P><P>&nbsp;</P><P><SPAN>All of the above items from the 6-page summary at the beginning of the 195-page report - and I have only notated changes here in the Experian column of data.</SPAN></P><P><SPAN>&nbsp;</SPAN></P><P><SPAN>The "Risk Rate" for both Sept. 28 and Oct. 7 is "2%".</SPAN></P><P>&nbsp;</P><P><SPAN>When I just ahead to page 15 of the credit report, I see my Mortgage Lending (5-4-2) scores and the "Factors" that affect them.&nbsp; I will list the factors here.&nbsp; There is no notation as to whether each factor applies to EQ, TU, and/or EX or a combination of those.</SPAN></P><P>&nbsp;</P><P><SPAN>For the Sept. 28 report:</SPAN></P><P><SPAN>1.&nbsp; The amount owed on your revolving and/or open-ended accounts is too high</SPAN></P><P><SPAN>2.&nbsp; You opened a new credit account relatively recently</SPAN></P><P><SPAN>3.&nbsp; You've made heavy use of our available revolving credit</SPAN></P><P><SPAN>4.&nbsp; You have too many credit card with balances</SPAN></P><P><SPAN>5.&nbsp; You have too few or too many credit accounts</SPAN></P><P><SPAN>6.&nbsp; You've recenly been looking for credit</SPAN></P><P><SPAN>7.&nbsp; You have a consumer finance account on your credit report</SPAN></P><P>&nbsp;</P><P><SPAN>For the Oct. 7 report:</SPAN></P><P><SPAN>1.&nbsp; You have too many credit cards and/or open-ended accounts carrying balances</SPAN></P><P><SPAN>2.&nbsp; The amount owed on your revolving and/or open-ended accounts is too high</SPAN></P><P><SPAN>3.&nbsp; You've made heavy use of your available revolving credit</SPAN></P><P><SPAN>4.&nbsp; You've recenlty been looking for credit</SPAN></P><P><SPAN>5.&nbsp; You have a consumer finance account on your credit report</SPAN></P><P><SPAN>6.&nbsp; You have a short credit history</SPAN></P><P><SPAN>7.&nbsp; The balances on your non-mortgage credit accounts are too high</SPAN></P><P><SPAN>8.&nbsp; You have not established a long revolving and/or open-ended annout credit history</SPAN></P><P>&nbsp;</P><P><SPAN>Thus, in the Oct. 7 report, there are 5 factors that were not listed on the Sept. 28 report.</SPAN></P><P><SPAN>Let me make a comment on each of those 5:</SPAN></P><P>&nbsp;</P><P><SPAN>1.&nbsp; I have the same amount of credit cards and/or open-ended accounts carrying balances on Oct. 7 as I did on Sept. 28</SPAN></P><P><SPAN>2.&nbsp; The amount owed on my revolving and/or open-ended accounts is lower on Oct. 7 than it was on Sept. 28</SPAN></P><P><SPAN>6.&nbsp; &nbsp;The credit history length shown in the credit report summary is 27Yr6Mo - is that really too "short"?&nbsp; I have had an excellent record of making 100% of payments on time for the past 40+ years.</SPAN></P><P><SPAN>7.&nbsp; The balances on my non-mortgage credit accounts are lower on Oct. 7 than they were on Sept. 28 with one exception.&nbsp; A new Parent PLUS student loan distriubtion showed up between Sept. 28 and Oct. 7.&nbsp; It was for my son's college.&nbsp; It took the student loan balance from $90K to $103K</SPAN></P><P><SPAN>8.&nbsp; Again, per the summary, I have a 27Yr6Mo credit history.&nbsp; How long is long enough?</SPAN></P><P>&nbsp;</P><P><SPAN>I am still at a loss to understand the 36-point FICO 2 Score (per Experian data) drop.</SPAN></P><P>&nbsp;</P><P><SPAN>Thanks agian in advance for any responses/help/advice.</SPAN></P>Thu, 11 Oct 2018 18:18:32 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380530#M145368Cruzzer12018-10-11T18:18:32ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380546#M145369
"&nbsp; A new Parent PLUS student loan distriubtion showed up between Sept. 28 and Oct. 7.&nbsp; It was for my son's college.&nbsp; It took the student loan balance from $90K to $103k"<BR />This is the reason would be my guess based on what you have said (especially if it shows as a new loan)Thu, 11 Oct 2018 18:45:20 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380546#M145369dragontears2018-10-11T18:45:20ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380578#M145370
<P>The PLUS Loan does not show as a new loan.</P><P>Here are the details:</P><P>(1)&nbsp; The credit inquiry was done back in March 2018 - so that is well before the Sept. 28 / Oct. 7 issue I am having</P><P>(2)&nbsp; The loan was actually distributed in late September.</P><P>(3)&nbsp; When I compare the Sept. 28 and Oct. 7 credit reports, the Balance due to the "US Dept. of Education" increased from $90,316 to $103,330.&nbsp; It was just a balance increase - not a new account.&nbsp; Even if the PLUS loan was a factor, it's hard to imagine that balance change overrode of all of the other "good" changes that happened in other credit card/revolving accounts during that same 9-day time period to the extent of a 36-point drop.&nbsp; For example, the increase form $90,316 to $103,330 was also present in the EquiFax report, but the EquiFax Mortgage Score 5 increased from 729 to 732 during that same time period because the reduction in balances in all the other accounts.</P><P>&nbsp;</P><P>Not to be lost in all of this is a change that Bank of America made to all 3 credit reports on Sept. 27, 2018.&nbsp; Back in Oct. 2017, BoA fraudulently reported me for a 30+ late payment.&nbsp; It took me almost a year to get it corrected, and it was finally "corrected" on Sept. 27, 2017.&nbsp; All negative info was removed from that account and the month-by-month credit history is perfect for that account for all 3 bureaus.&nbsp; Oddly enough, that BoA account showed "Closed" on both the Sept. 28 and the Oct. 7 credit reports for all 3 bureaus.</P><P>&nbsp;</P><P>As a reference, on my Sept. 13 credit reports, that BoA account was still "Open" and a single 30+ late payment event was showing on all 3 credit bureaus.</P><P>&nbsp;</P><P>Thus, between Sept. 13 and Sept. 28, the 30+ event had been deleted and the payment history was perfect - and the account had moved to a "Closed" status - which is odd because the account is still open and monthly payments are still being auto-drafted from my bank account.</P><P>&nbsp;</P><P>Thanks again in advance.</P>Thu, 11 Oct 2018 19:18:23 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380578#M145370Cruzzer12018-10-11T19:18:23ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380618#M145387
<BLOCKQUOTE><HR /><LI-USER uid="1044470"></LI-USER>&nbsp;wrote:<BR /><P>Thank you all for your insightful replies.</P><P>Let me provide some more data here:</P><P>&nbsp;</P><P>Of the 91 accounts on my credit report, only 37 are open - these are identical between the Sept. 28 and the Oct. 7 reports.&nbsp; Should any of the 54 closed accounts affect the FICO 2 score?&nbsp; &nbsp;There are zero late payments ever, either in the open or the closed accounts.</P><P>&nbsp;</P><P>When laying all 195 pages of each credit report side-by-side, here are the differences between Sept. 28 and Oct. 7:</P><P>&nbsp;</P><P>(2)&nbsp; The "Oldest Account Open" changed from "27Yr5Mo" to "27Yr6Mo".</P><P>&nbsp;</P><P>(3)&nbsp; The "Average Age of Your Accounts" changed from "11Yr4Mo" to "11Yr5Mo"</P><P>&nbsp;</P><P>(4)&nbsp; The "Percentage of Princial you have paid down on your open non-mortgage installment loans" changed from "55%" to "54%"</P><P>&nbsp;</P><P><FONT color="#FF0000">That's odd. Normally the percentage of principal you have paid down keeps increasing, not decreasing.</FONT></P><P>&nbsp;</P><P>(5)&nbsp; The "Total owed on revolving and/or open-ended accounts" changed from $67,133 to $65,087</P><P>&nbsp;</P><P>(6)&nbsp;&nbsp;<SPAN>The "Total balance on revolving and/or open-ended accounts" changed from $67,133 to $65,087</SPAN></P><P>&nbsp;</P><P><SPAN>(7)&nbsp; The "Age of most recenlty opened account" changed from "1Yr5Mo" to "1Yr6Mo"</SPAN></P><P>&nbsp;</P><P><SPAN>All of the above items from the 6-page summary at the beginning of the 195-page report - and I have only notated changes here in the Experian column of data.</SPAN></P><P><SPAN>&nbsp;</SPAN></P><P><SPAN>The "Risk Rate" for both Sept. 28 and Oct. 7 is "2%".</SPAN></P><P>&nbsp;</P><P><SPAN>When I just ahead to page 15 of the credit report, I see my Mortgage Lending (5-4-2) scores and the "Factors" that affect them.&nbsp; I will list the factors here.&nbsp; There is no notation as to whether each factor applies to EQ, TU, and/or EX or a combination of those.</SPAN></P><P>&nbsp;</P><P><SPAN>For the Sept. 28 report:</SPAN></P><P><SPAN>1.&nbsp; The amount owed on your revolving and/or open-ended accounts is too high</SPAN></P><P><SPAN>2.&nbsp; You opened a new credit account relatively recently</SPAN></P><P><SPAN>3.&nbsp; You've made heavy use of our available revolving credit</SPAN></P><P><SPAN>4.&nbsp; You have too many credit card with balances</SPAN></P><P><SPAN>5.&nbsp; You have too few or too many credit accounts</SPAN></P><P><SPAN>6.&nbsp; You've recenly been looking for credit</SPAN></P><P><SPAN>7.&nbsp; You have a consumer finance account on your credit report</SPAN></P><P>&nbsp;</P><P><SPAN>For the Oct. 7 report:</SPAN></P><P><SPAN>1.&nbsp; You have too many credit cards and/or open-ended accounts carrying balances</SPAN></P><P><SPAN>2.&nbsp; The amount owed on your revolving and/or open-ended accounts is too high</SPAN></P><P><SPAN>3.&nbsp; You've made heavy use of your available revolving credit</SPAN></P><P><SPAN>4.&nbsp; You've recenlty been looking for credit</SPAN></P><P><SPAN>5.&nbsp; You have a consumer finance account on your credit report</SPAN></P><P><SPAN>6.&nbsp; You have a short credit history</SPAN></P><P><FONT color="#FF0000"><SPAN>That's odd that that would pop up all of a sudden.</SPAN></FONT></P><P><SPAN>7.&nbsp; The balances on your non-mortgage credit accounts are too high</SPAN></P><P><SPAN><FONT color="#FF0000">That's odd too</FONT> </SPAN></P><P><SPAN>8.&nbsp; You have not established a long revolving and/or open-ended annout credit history</SPAN></P><P><FONT color="#FF0000">Again I can't see where that is coming from</FONT></P><P><SPAN>Thus, in the Oct. 7 report, there are 5 factors that were not listed on the Sept. 28 report.</SPAN></P><P><SPAN>Let me make a comment on each of those 5:</SPAN></P><P>&nbsp;</P><P><SPAN>1.&nbsp; I have the same amount of credit cards and/or open-ended accounts carrying balances on Oct. 7 as I did on Sept. 28</SPAN></P><P><SPAN>2.&nbsp; The amount owed on my revolving and/or open-ended accounts is lower on Oct. 7 than it was on Sept. 28</SPAN></P><P><SPAN>6.&nbsp; &nbsp;The credit history length shown in the credit report summary is 27Yr6Mo - is that really too "short"?&nbsp; I have had an excellent record of making 100% of payments on time for the past 40+ years.</SPAN></P><P><SPAN>7.&nbsp; The balances on my non-mortgage credit accounts are lower on Oct. 7 than they were on Sept. 28 with one exception.&nbsp; A new Parent PLUS student loan distriubtion showed up between Sept. 28 and Oct. 7.&nbsp; It was for my son's college.&nbsp; It took the student loan balance from $90K to $103K</SPAN></P><P><FONT color="#FF0000"><SPAN>Well this might be the thing that explains it; you didn't mention it in your original post.</SPAN></FONT></P><P><SPAN>8.&nbsp; Again, per the summary, I have a 27Yr6Mo credit history.&nbsp; How long is long enough?</SPAN></P><P>&nbsp;</P><P><SPAN>I am still at a loss to understand the 36-point FICO 2 Score (per Experian data) drop.</SPAN></P><P>&nbsp;</P><P><SPAN>Thanks agian in advance for any responses/help/advice.</SPAN></P><HR /></BLOCKQUOTE><P>&nbsp;</P>Thu, 11 Oct 2018 20:12:06 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380618#M145387SouthJamaica2018-10-11T20:12:06ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380622#M145388
<P>SoutJamaica - Agree that most of the changes were "odd".</P><P>The PLUS loan balance certainly could be a factor - but it was simply a balance increase and not a new accouhnt - and in the case of EquiFax it was there also and the EquiFax mortgage score still went up 3 points over that 9 days.&nbsp; A 36-point drop in Experian mortage score is just hard to stomach based on what is in the credit report.</P>Thu, 11 Oct 2018 20:18:30 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5380622#M145388Cruzzer12018-10-11T20:18:30ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381013#M145402
<P>What strikes me as significant is that the #1 negative reason statement that the OP references on October 7 is "<SPAN>You have too many credit cards and/or open-ended accounts carrying balances</SPAN>" where that reason statement isn't even present in September.&nbsp; I would think this has a lot to do with it, as we all know that the mortgage models are more sensitive to number of accounts with balances.&nbsp; Maybe the OP crossed some sort of threshold with respect to number of accounts with balances (maybe that new loan showing up) that shot that negative reason statement to the top of the list?&nbsp; I would say a simple test here would be to bring 1-2 accounts with [small] balances down to $0 reported balances and assuming that's equal to or lesser than your total number of accounts with balances from your September reference point you may see that negative reason statement go away.&nbsp; Possibly those points would return at that time.</P>Fri, 12 Oct 2018 06:59:29 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381013#M145402BrutalBodyShots2018-10-12T06:59:29ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381033#M145403
<P>&nbsp;Brutal - The accounts showing non-zero balances are exactly the same on the Sept. 27 and the Oct. 8 credit reports for all 3 bureaus - and the balances for all accounts (with exception of student loan noted below) decreased slightly.</P><P>&nbsp;</P><P>Just to clarify, there was not a "new loan" that showed up - only an increase in the balance of an existing student loan.</P><P>&nbsp;</P><P>&nbsp;</P>Fri, 12 Oct 2018 10:25:08 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381033#M145403Cruzzer12018-10-12T10:25:08ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381038#M145404
<P>I just jumped online and paid off 3 credit cards.</P><P>&nbsp;</P><P>Do I need to wait until the normal cycle of the credit card companies reposts the zero balance?</P><P>&nbsp;</P><P>Can I request that Experian contact the credit companies to update the balances via a "Dispute" or other means?</P><P>&nbsp;</P><P>If I overpay a card and have a "credit", is that counted as a "balance" that will hurt my score? (sorry, that may be a dumb question but let's remember we're talking FICO Score 2 here and very little is transparent).</P><P>&nbsp;</P>Fri, 12 Oct 2018 11:09:52 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381038#M145404Cruzzer12018-10-12T11:09:52ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381096#M145409
<P>An over payment reports as a zero balance.</P><P>&nbsp;</P><P>You can contact CC companies and request them to send an uodate to the CRAs showing the new balance. Some CC companies will automatically report a mid cycle balance of zero but, many donot.</P>Fri, 12 Oct 2018 13:11:27 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381096#M145409Thomas_Thumb2018-10-12T13:11:27ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381263#M145419
<BLOCKQUOTE><HR /><LI-USER uid="1044470"></LI-USER><BR /><P>Do I need to wait until the normal cycle of the credit card companies reposts the zero balance?</P><P>&nbsp;</P><P>Can I request that Experian contact the credit companies to update the balances via a "Dispute" or other means?</P><P>&nbsp;</P><P>&nbsp;</P><HR /></BLOCKQUOTE><P>Yes, you'll likely need to wait.&nbsp; You would not call a CRA and ask them to contact the creditors; if you want to call the creditors yourself you can and you would be requesting an immediate "off cycle reporting" of your current balance.&nbsp; Many are good at doing this such as Discover and Amex.&nbsp; Others like Wells Fargo won't do it under any circumstances and will flat out tell you no.&nbsp; Many CCCs have been reported on this forum as giving mixed results... as in one CSR will tell you they won't/can't do it, but if you call back and get a different CSR they'll say they can.&nbsp; I would highly advise against a "dispute" for a balance update as an attempt to achieve an off cycle reporting.&nbsp;</P>Fri, 12 Oct 2018 17:29:05 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381263#M145419BrutalBodyShots2018-10-12T17:29:05ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381600#M145439
<P>Where are you getting these from?</P><P>&nbsp;</P><P>You won't get more than 4 in the myFICO interface or any other to my knowledge except fake ones as only 4 at most come back from the bureau on the pull, especially true here for EX FICO 2 like mine are:</P><P>&nbsp;</P><UL><LI>1. You've made heavy use of your available revolving credit.<SPAN>&nbsp;</SPAN></LI><LI>2. You have missed payments or derogatory indicators on your credit accounts.<SPAN>&nbsp;</SPAN></LI><LI>3. You recently missed a payment or had a derogatory indicator reported on your credit report.<SPAN>&nbsp;</SPAN></LI><LI>4. The balances on your non-mortgage credit accounts are too high.</LI></UL>Sat, 13 Oct 2018 00:30:56 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5381600#M145439Revelate2018-10-13T00:30:56ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5570030#M153770
<P>The entire Credit reporting industry is a scam. They want you to pay a monthly subscription fee for Scores&nbsp; that are totally usless.&nbsp;</P><P>I have been told many times by the 3 major companies, Equifax, TransUnion and Eperian that the scores given to you are just a guide and that the lender creats the score by using their own formula. If they keep the scores low then you pay higher interest. Industry wins !</P><P>If you take the info you get as gospel you feel confident you're getting an acurate report. You go apply for a credit card, or auto loan only to be turned down because the lender says your scores do not meet their requirements. You get screwed again because you now have another inquiry on your report and bang your score goes down ! Had you known your true lenders score you may have decided to not even apply, but you did! Too bad ! And they WIN !</P><P>&nbsp; &nbsp; &nbsp; &nbsp; We all know that the rich don't need credit but they use it for various financial reasons, but the low income guy,&nbsp; the middle income guy, the regular shmoe gets raked over the coals paying 30% and more on your credit cards. I don't really know this but I wouldn't be shocked if the Credit Reporting Agencies are getting a kick back from the lenders,(only speculation mind you!).</P><P>&nbsp; &nbsp; &nbsp; &nbsp; Changing federal banking laws can make this fair but the bankers and credit card companies and reporting agencies are making too much money to ever let this happen.&nbsp;</P><P>&nbsp; &nbsp; &nbsp; &nbsp; If all this tweeks you then google class action law suits against Credit Reporting Agencies ! This could surprise you. I am an independent law biding regular Joe just like most of you . I am <SPAN>also</SPAN> a participent in a class action law suite being brought against these firms. You may want to check it out yourselves. Thanks for your ear ! &nbsp;</P>Tue, 09 Apr 2019 19:53:53 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5570030#M153770genemat7122019-04-09T19:53:53ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5570408#M153795
<BLOCKQUOTE><HR /><LI-USER uid="1064539"></LI-USER>&nbsp;wrote:<BR /><P>The entire Credit reporting industry is a scam. &nbsp;</P><HR /></BLOCKQUOTE><P>Oh dear, not another one of these replies.</P><P>&nbsp;</P><P>You're going to have to become much more open-minded if you want to understand credit and the purpose of this forum.&nbsp; If the entire industry was a scam, there would be absolutely no purpose of this forum.</P>Wed, 10 Apr 2019 02:18:00 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5570408#M153795BrutalBodyShots2019-04-10T02:18:00ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571394#M153843
What % of lemmings don't jump ?Wed, 10 Apr 2019 21:20:05 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571394#M153843genemat7122019-04-10T21:20:05ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571445#M153847
<P>I don't feel trying to draw a comparison between the members of this forum and an early 90's game is very fitting.</P>Wed, 10 Apr 2019 21:44:39 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571445#M153847BrutalBodyShots2019-04-10T21:44:39ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571820#M153854
<BLOCKQUOTE><HR /><LI-USER login="genemat712" uid="1064539"></LI-USER>&nbsp;wrote:<BR />What % of lemmings don't jump ?<HR /></BLOCKQUOTE><P>I'd say 98%...maybe higher.</P><P>&nbsp;</P><P><A title="alaska.gov" href="http://www.adfg.alaska.gov/index.cfm?adfg=wildlifenews.view_article&amp;articles_id=56" target="_blank" rel="noopener">Lemming Suicide Myth - Disney Film Faked Bogus Behavior</A></P><P>"The lemmings supposedly committing mass suicide by leaping into the ocean were actually thrown off a cliff by the Disney filmmakers"</P>Thu, 11 Apr 2019 01:26:27 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571820#M153854CassieCard2019-04-11T01:26:27ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571873#M153855
<BLOCKQUOTE><HR /><LI-USER login="genemat712" uid="1064539"></LI-USER>&nbsp;wrote:<BR /><P>The entire Credit reporting industry is a scam. They want you to pay a monthly subscription fee for Scores&nbsp; that are totally usless.&nbsp;</P><P>I have been told many times by the 3 major companies, Equifax, TransUnion and Eperian that the scores given to you are just a guide and that the lender creats the score by using their own formula. If they keep the scores low then you pay higher interest. Industry wins !</P><P>If you take the info you get as gospel you feel confident you're getting an acurate report. You go apply for a credit card, or auto loan only to be turned down because the lender says your scores do not meet their requirements. You get screwed again because you now have another inquiry on your report and bang your score goes down ! Had you known your true lenders score you may have decided to not even apply, but you did! Too bad ! And they WIN !</P><P>&nbsp; &nbsp; &nbsp; &nbsp; We all know that the rich don't need credit but they use it for various financial reasons, but the low income guy,&nbsp; the middle income guy, the regular shmoe gets raked over the coals paying 30% and more on your credit cards. I don't really know this but I wouldn't be shocked if the Credit Reporting Agencies are getting a kick back from the lenders,(only speculation mind you!).</P><P>&nbsp; &nbsp; &nbsp; &nbsp; Changing federal banking laws can make this fair but the bankers and credit card companies and reporting agencies are making too much money to ever let this happen.&nbsp;</P><P>&nbsp; &nbsp; &nbsp; &nbsp; If all this tweeks you then google class action law suits against Credit Reporting Agencies ! This could surprise you. I am an independent law biding regular Joe just like most of you . I am <SPAN>also</SPAN> a participent in a class action law suite being brought against these firms. You may want to check it out yourselves. Thanks for your ear ! &nbsp;</P><HR /></BLOCKQUOTE><P>Wow how do I even respond to this...lets start with you saying you have been told this by the 3 major CRA's. The CRA's are companies with many employees, the fact that someone at one of these companies told you this means little. The CRA does not speak. On the 30% and more comment. If you do not carry a balance the interest rate is 0%, and you still get rewards on a lot of the cards. If you are paying high interest it is because you are, or have, spent money you did not have. Not being rich does not cause someone to spend more than they make or be irresponsible with credit. As far as CRA's getting kick backs, the lenders straight up pay for those scores. Credit scores were developed to assign a risk of default or serious delinquincy on debt, and sell that to lenders. It was not created to give consumers the score. Good luck in your endeavor.</P>Thu, 11 Apr 2019 01:47:01 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571873#M153855sarge122019-04-11T01:47:01ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571961#M153859
Hey Sarge, I'm going to assume , yea I now the phrase, I'll take my chances, that you're a vet, so ty for your service. I too served. So on that front we are even.<BR />Being behind on your bills , if that were the case, is not always the fault of the creditor. Have you heard of the gr8 recession of a few years ago ? Millions of people wound up behind the 8 ball because of unscrupulous LENDERS. Billions of $$$$ were lost by innocent victims of this gr8 nation. We didn't just lose money we were ROBBED ! By whom may I ask? Why the LENDERS !! AND who got bailed out? No, no way ! You know, go ahead say it , come on say it, you know. Yes the LENDERS !<BR />Many people are STILL getting out of the hole dug for them Not by them !<BR />Now lets address the CRA'S as you call them. I must be one lucky guy to have spoken to the only 5 or 6 employees, supervisors included, of the 1000's of people working in the industry to tell me the same thing. Do yourself a favor , call any or all of the big 3 agencies and ask for yourself. Please , prove me wrong that the creditors all have their own criteria for extending credit and changing the scores to suite .<BR />You may have me on the KICK BACK issue but I did say, " I wouldn't be shocked if ".<BR />Sarge, I appreciate your reply but what I have learned in my 71 years on the planet I believe what I have witnessed not what is told to me weather verbally or in print. Remember, the best way to predict the future is to study the past. History, as you already know, Repeats itself.<BR />Over and over again !<BR />May God bless you !Thu, 11 Apr 2019 02:34:14 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571961#M153859genemat7122019-04-11T02:34:14ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571977#M153860
Thanks Cassie, I did not know that. I guess an old dog can learn new tricks. I'll have to check that out though if you don't mind.<BR />Thanks for your reply, God bless!Thu, 11 Apr 2019 02:42:08 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5571977#M153860genemat7122019-04-11T02:42:08ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572021#M153862
<P>@genmat712...nope, not a veteran at all. The sarge in my username is because I was born a Sargent, been one my whole life. The truth is, the mortgage crisis in 2008 was caused more because of politicians than anything. The lending industry had at one time required more stringent lending requirements. Washington politicians used leverage to make lenders lend money the borrower really could not handle the payments of. It did not cause losses for a long time because the value of houses would increase fast enough for borrowers to re-finance or even if foreclosed did not cause banks to lose, because the house sale covered the loss. Then something happened that should have been expected. People could not meet the payments, and so many defaults meant there were more houses for sale than the market could bear. As a result house values declined, which made millions ow more on their house than the fair market value. The banks did not help, because they were even lending more on a house than the market value even on second mortgages. The politicians hand in this fiasco should not be overlooked. The politicians wanted to see all the happy new homeowners rush to vote for the politicians who made it possible.</P>Thu, 11 Apr 2019 03:01:23 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572021#M153862sarge122019-04-11T03:01:23ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572057#M153863
First, ok, I'm an ass ! Now what about all the people u say don't know how to use credit. As we both know they had the Lenders and the Gov to do battle against. Davids against the Goliaths ? And how about giving the average American a little credit. Do you think they voted yes on permitting the lenders to charge 35 % on credit ? In my day there was a USURY law, today no one has even heard of the word.<BR /><BR />Thu, 11 Apr 2019 03:26:15 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572057#M153863genemat7122019-04-11T03:26:15ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572117#M153867
@genemat712 There Still are usury laws. Welcome to MF, btw. However, might I suggest you start your own thread on your issue because you’ve kind of taken this one way off topic. Thank you For your insights though.Thu, 11 Apr 2019 08:17:45 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572117#M153867Birdman72019-04-11T08:17:45ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572118#M153868
@Cruzzer1 A couple points I would like to make.<BR /><BR />First, if you pay off your Chase cards, they will be the quickest to report that zero balance off-cycle and without you requesting it.<BR /><BR />Second, be aware that the EX mortgage model is the oldest one and based on a totally different algorithm than the EQ and TU mortgage models. Consequently there is a great deal of difference and it is believed to be much more sensitive in many respects. Other members have much more detailed information than I.Thu, 11 Apr 2019 16:27:24 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572118#M153868Birdman72019-04-11T16:27:24ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572648#M153887
<P>Srry B-Man, I'm new to this. No more from me here. I thought I was just replying to Sarge.&nbsp;</P>Thu, 11 Apr 2019 19:08:33 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572648#M153887genemat7122019-04-11T19:08:33ZRe: ""FICO 8" vs "FICO 5-4-2 Mortgage" Scoreshttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572773#M153893
@genemat712 As I said welcome, we are glad to have you here and look forward to dialogue with you. But, in order to keep things orderly and so everyone is able to follow topics and research and find information, we prefer to keep our threads as much on topic as possible.<BR /><BR />We welcome your discussion and ideas; we simply ask that you create your own thread when the subject matter is going to stray too far. Thank you though and I look forward to your threads,Thu, 11 Apr 2019 21:45:45 GMThttps://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/quot-quot-FICO-8-quot-vs-quot-FICO-5-4-2-Mortgage-quot-Scores/m-p/5572773#M153893Birdman72019-04-11T21:45:45Z